Jumping Into the Future: New Jersey’s New Recording Law by Robert Marsico on 5/16/2012 Jumping Into the Future: New Jersey’s New Recording Law by Bob Marsico on May 16, 2012 Early in 2012, the State of New Jersey took a significant step into the future by adopting a thorough update of the state’s decades...more
"Purely Public Charities" in Pennsylvania. Back to the future – again. by Saul Ewing LLP on 5/10/2012 A recent Pennsylvania Supreme Court decision has rekindled the issue of what constitutes a "purely public charity" for real estate tax exemption purposes in Pennsylvania. The decision may lead to a renewed interest of school...more
Back to the Future for Real Estate Tax Exemptions and PILOTs/SILOTs? Charities Must Meet HUP Test and Act 55, Pennsylvania High... by Ballard Spahr LLP on 5/8/2012 For charitable organizations in Pennsylvania, obtaining and preserving real estate tax exemptions just got a little more difficult. The Pennsylvania Supreme Court has ruled that the statute intended to clarify the...more
Mezzanine Borrower’s Chapter 11 Case Filed on Eve of Foreclosure Sale Dismissed as a Bad Faith Filing by Cadwalader, Wickersham & Taft LLP on 4/24/2012 On December 22, 2011, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware dismissed with prejudice a mezzanine borrower’s chapter 11 case. See In re JER/ Jameson Mezz Borrower II LLC, 461 B.R. 293...more
Daily Report Article - "HOAs can decide rules enforcement" by Eric Coleman on 4/9/2012 Eleven-year-old case ends with Summary Judgment in favor of the association. Gwinnett County judge says homeowners associations may choose not to intervene in disputes over covenants....more
Commercial Property Owners May Be Held Personally Liable For Sour Investments by Joel Glucksman on 4/6/2012 Commercial Property Owners May Be Held Personally Liable For Sour Investments A new ruling in Michigan may give creditors more legal backing to go after the personal assets of commercial real estate landlords whose...more
Safety Deposit Box Condominium by Heenan Blaikie LLP on 4/6/2012 The enactment of condominium legislation has allowed fractional ownership of a larger piece of property that previously could not be subdivided, by creating separate smaller real property units with separate legal titles....more
Condo Corporation's Duty to Repair After Damage by Heenan Blaikie LLP on 3/31/2012 Section 89 of the Condominium Act provides that it is the Corporation's duty to repair the units and common elements after damage, excluding improvements made to a unit, unless otherwise set out in the Corporation's...more
End of Operating Leases? Watch for Lease Accounting Changes by Thompson Coburn LLP on 3/23/2012 The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) are proposing dramatic changes to lease accounting rules that would virtually eliminate operating lease accounting...more
Do Your Business Assets Qualify for a Like-Kind Exchange? by Victor Kinon on 3/15/2012 When businesses buy and sell assets like real property, equipment, or even intangibles like intellectual property, potential tax liabilities are always an important consideration. While earnings generated from the sale of a...more
Delaware Chancery Court Explores LLC Fiduciary Principles by Loeb & Loeb LLP on 3/9/2012 Delaware Chancery Court confirms that fiduciary duties apply to LLC managers in absence of contrary LLC agreement provisions and distinguishes the implied covenant of good faith and fair dealing A Delaware LLC leased...more
Seventh Circuit Affirms Secured Creditors’ Cramdown Rights by Cadwalader, Wickersham & Taft LLP on 3/8/2012 On January 19, 2012, the United States Court of Appeals for the Seventh Circuit in an opinion penned by Judge Richard Posner affirmed a bankruptcy court’s dismissal of In re River East Plaza, LLC, a single asset real estate...more
Non-Recourse Carve-Out Liability for Borrowers and Guarantors by Warner Norcross & Judd on 3/7/2012 All commercial mortgage-backed securities (CMBSs) special servicers with loans in default in the State of Michigan should be aware of two recent Michigan court cases that have held a “warm body” guarantor liable for the...more
Real Property Tax Complaints and the Unauthorized Practice of Law in Ohio by Dinsmore & Shohl LLP on 3/2/2012 In Ohio, property owners can contest the value of their property for real estate tax purposes. The mechanism to do this is to a file a “Complaint Against the Valuation of Real Property” with the county...more
Virginia Supreme Court Opinion Affecting Local Government Law: March 2, 2012 by Sands Anderson PC on 3/2/2012 Today, the Virginia Supreme Court issued one opinion affecting the practice of Virginia local government law. The following summary comes from the Virginia Supreme Court website: 102409 City of Richmond v....more